Buying Your First Home in Kamloops:
A Step-by-Step Mortgage Guide
Becoming a Kamloops first-time homebuyer is an exciting milestone—and it comes with unique opportunities compared to larger cities. While housing markets in Vancouver and Kelowna often feel out of reach, Kamloops offers a balance of affordability, outdoor lifestyle, and strong long-term value. Imagine finishing a day’s hike, bike ride, or ski session and returning home to a property that’s truly yours.
If you’re considering a first-time mortgage in Kamloops, here’s a clear step-by-step guide to help you move forward with confidence.
Step 1: Get Pre-Approved
Before browsing listings, your first step is a mortgage pre-approval.
It gives you a clear idea of what you can afford.
Shows sellers and real estate agents you’re serious.
Locks in a rate for 90–120 days, protecting you if rates rise.
Working with a mortgage professional means you’ll see options from multiple lenders, not just one bank—ensuring you get the best fit for your financial situation.
Step 2: Understand Down Payment Rules in BC
In British Columbia, the minimum down payment depends on the purchase price:
5% on the first $500,000
10% on the portion from $500,001–$999,999
20% on homes $1 million or more
For many first-time buyers in Kamloops, the 5–10% range applies, making homeownership more achievable here than in many bigger markets.
Tip: Remember to budget for closing costs on top of your down payment (we’ll cover that below).
Step 3: Explore Mortgage Programs & Incentives
The government of Canada and the Province of BC offer programs designed to help first-time buyers, including:
Home Buyers’ Plan (HBP): Withdraw up to $60,000 from your RRSP tax-free to put toward your first home.
Property Transfer Tax (PTT) Exemption: If you’re purchasing under $500,000 (with partial exemptions up to $525,000), you may be exempt from paying this tax—a huge savings.
An experienced broker can walk you through which of these apply to your situation.
Step 4: Prepare for Closing Costs
Closing costs often catch first-time buyers by surprise. In Kamloops, you should set aside 1.5–4% of the purchase price to cover:
Legal fees & title insurance
Appraisal fees (sometimes required by lenders)
Property Transfer Tax (if not exempt)
Home inspection
Moving costs and adjustments (e.g., property taxes)
By planning ahead, you’ll avoid last-minute stress and step into your new home fully prepared.
Ready to Take the Next Step?
Buying your first home in Kamloops is about more than getting a mortgage—it’s about creating a lifestyle where affordability meets adventure. With the right guidance, your first purchase can be smooth, clear, and even enjoyable.
Schedule your free first-time buyer consultation today and let’s map out your path to homeownership in Kamloops
